News that electricity prices are to drop by 5.4 percent in November was welcomed this week by Deputy Frank Feighan, who said that the price cut was ‘justified and overdue’. ‘While this announcement is welcome, it is such a pity that it took so long for the lower market prices that the ESB has been paying to be passed on to the hard-pressed consumer. ‘For over a year I, and my Fine Gael colleagues, have been calling for electricity prices to be slashed and I believe that in future, action should be taken by the Regulator to ensure that price reductions, when possible, are passed onto the consumer immediately instead of waiting for up to a year. ‘Nevertheless, this reduction is well and truly justified given that everybody knew that energy prices for gas and electricity could come down, especially since the Chairman of the ESB voiced this opinion 12 months ago. Price increases granted last year were indefensible as gas prices had fallen on international markets and there was a consequent knock-on benefits for electricity markets and it is only right and proper, if belated, that these increases have been reversed.’
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